HomeMy WebLinkAbout10-05 - ADMIN Resolution - Economic Development Authority - 2010/04/19EDA RESOLUTION NO. 10-05
RESOLUTION APPROVING A FIRST AMENDMENT OF A
CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETWEEN THE ST. LOUIS PARK ECONOMIC
DEVELOPMENT AUTHORITY AND ELLIPSE ON
EXCELSIOR LLC AND AN EASEMENT AGREEMENT
RELATED TO SUCH FIRST AMENDMENT
BE IT RESOLVED BY the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority, St. Louis Park, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority currently administers Redevelopment Project No. 1 (the "Project"),
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act") within an area
located in the City, and has approved a Tax Increment Financing Plan for the Ellipse on Excelsior Tax
Increment Financing District pursuant to Minnesota Statutes, Sections 469.174 to 469.1791 (the "TIF
Act"), made up of certain property within the Project (the "Redevelopment Property") to be developed
by Ellipse on Excelsior LLC (the "Redeveloper").
1.02. The Authority and the Redeveloper executed a certain Contract for Private
Redevelopment, dated as of February 2, 2009 (the "Agreement"), whereunder the Authority pledged
Available Tax Increment (as defined in the Contract) to pay or reimburse certain costs incurred by the
Redeveloper in connection with the development of a mixed-use retail and residential housing facility
on the Redevelopment Property (the "Minimum Improvements").
1.03. The Redeveloper has requested and the Authority has agreed to the construction of a
common driveway providing access to both the Redevelopment Property and the adjacent parcel
owned by the Authority. The parties have negotiated and propose to execute a First Amendment to
the Agreement (the "First Amendment") to modify certain provisions of the Agreement, and to
execute an Easement Agreement (the "Easement Agreement") to memorialize the parties'
undertakings pursuant to the First Amendment.
Section 2. First Amendment and Easement Agreement Approved.
2.01. The First Amendment as presented to the Board is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are approved by
the President and Executive Director, provided that execution of the document by such officials shall
be conclusive evidence of approval. The President and Executive Director are hereby authorized to
execute, on behalf of the Authority, the First Amendment.
EDA Resolution No. 10-05 -2-
2.02. The Easement Agreement as presented to the Board is hereby in all respects
approved, subject to modifications that do not alter the substance of the transaction and that are
approved by the President and Executive Director, provided that execution of the document by such
officials shall be conclusive evidence of approval. The President and Executive Director are hereby
au prized to execute, on behalf of the Authority, the Easement Agreement.
Administration: Adopted by the Economic Development
1
April 19, 2010 T�' O I LI
President
Attest: